AUD/USD analysis: bearish, fresh clues awaited

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7886

The AUD/USD pair closed the day unchanged a handful of pips below the 0.7900 level, having spent the day within Wednesday's range, lacking directional strength as per being trapped between crossed fires. Australian data released at the beginning of the day was disappointing as inflation expectations were down to 4.2% for August, from 4.4% in July, but a weaker greenback and strong gold prices limited the decline. RBA Governor Lowe will speak early Friday, whilst China will release July's money figures, these lasts probably affecting less the Aussie. Technically, the 4 hours chart shows that the price remained contained by a bearish 20 SMA, still retreating on spikes towards the dynamic resistance, now at 0.7900, while technical indicators are neutral-to-bearish within negative territory, maintaining the risk towards the downside. The weekly low stands at 0.7855, the level to break to confirm further declines towards 0.7785, July 18th daily low.

Support levels: 0.7855 0.7810 0.7785

Resistance levels: 0.7895 0.7925 0.7960

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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